Leeds chairman Bates attempted to play down the meeting and told Yorkshire Radio: “This is inspired speculation because Freddy and I had lunch last week in Newcastle.

“He’s not about to swoop in a ’sensational deal’ for Leeds and I’m not about to sell it either.

“Freddy is a good friend of mine and has been for years. I went up to see him, and we finished up having lunch.

“Inevitably the subject of football came out, and he’s still a bit sore about what happened at Newcastle. He would like to get back in and I would like an investor, so the two fit in.

“We had lunch and agreed to keep in touch, and that’s it. He hasn’t made a sensational swoop and talks are not now at an advanced stage.

“It’s early discussions that’s all, and Leeds United is not for sale.”

He added: “The hard work has now been done, all of the rubbish is out of the way, and the club is back on track.

“The real league table shows we are two points clear at the top, or will be when we get our 15 points back.

“The club is in profit, the gates are back and we have averages higher than Middlesbrough, Wigan, Reading and Fulham.

“The ground is slowly being improved and the team is strong. Why would I want to sell?

“After two years of hard work and three months of absolute hell, we can talk about football.

“Freddy is a wise old man – although he’s younger than me – he’s experienced and he would be an ideal partner, but it’s gossip. I’m here for the long haul.”